The local stock market dipped as investors are hesitant to bring up share prices while waiting for the outcome of the central bank policy meeting.
The main index shed 32.41 points or 0.47 percent to close at 6,886.00 with only the Financials and Industrial counters managing to advance.
Volume was relatively stable at 4.36 billion shares worth P6.48 billion as losers edged out gainers 100 to 97 with 52 unchanged.
“Philippine shares cooled slightly, after Powell assured investors that the recent rise in inflation was merely transitory,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Meanwhile, the Monetary Board will hold a policy meeting this afternoon, and consensus, including Regina Capital, expects no change in key rates.”
Philstocks Financial Senior Supervisor for Research Japhet said “The local market fell as investors booked profits after two straight days of gains. Foreign investors strengthened the selling pressure with net outflows amounting to P912.22 million.”
He noted that, “The market was unable to hold its position above the 6,900 level proving it to be a strong resistance.”